HomeMy WebLinkAbout2010-03-09 Public Financing Authority Item No. 1CITY OF
LSIIYORE
DREAM EXTREME.
REPORT TO PUBLIC FINANCING AUTHORITY
TO: HONORABLE CHAIRMAN
AND MEMBERS OF THE PUBLIC FINANCING AUTHORITY
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: MARCH 9, 2010
SUBJECT: ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDING
JUNE 30, 2009
Background
The Public Financing Authority's auditors completed their audit field work on February 1,
2010 for the fiscal year ending June 30, 2009. This is the fifth year that the auditors,
Diehl, Evans & Company, have performed the audit services for the Authority.
Discussion
The purpose of the Authority is to provide financing for public capital improvements for
the City and the Agency, the acquisition by the Authority of such public capital
improvements and/or the purchase by the Authority of local obligations within the
meaning of the Bond Law under the Marks-Roos Bond Pool Act of 1985.
During the fiscal year, all regular debt service scheduled payments were adequately
funded and paid. The reserve requirements are fully funded as of June 30, 2009.
Fiscal Impact
There is no fiscal impact.
Recommendation
1. It is recommended that the Authority Board receive and file the report
Prepared by: James R. Rile
Director of Admi ist tive Services
Approved by: Robert A. Brady
Executive Directo
AGENDA ITEM NO. I
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